KOSTRENA/ZAGREB, July 21 (Hina) - The three-member Supervisory Board of the Viktor Lenac shipyard on Monday supported plans for the financial restructuring of this ailing company.
KOSTRENA/ZAGREB, July 21 (Hina) - The three-member Supervisory
Board of the Viktor Lenac shipyard on Monday supported plans for the
financial restructuring of this ailing company. #L#
It suggested to creditor banks and major share-holders to decide,
by noon tomorrow, on their support to the financial consolidation
of the shipyard and the securing of funds for further investments in
it.
According to a statement released after its session, the
Supervisory Board "appeals to the Croatian government to urgently
issue its collateral to projects of construction in the shipyard".
This refers to natural gas fields called Marica, Ika and Ida, the
building of ferries for the Jadrolinija and Rapska Plovidba
companies, etc.
It also calls on the government to give its part in the financial
restructuring of the shipyard.
The Supervisory Board was notified by the management about
financial results achieved by the shipyard in the first five months
of 2003 and about commercial plans and outlook for the rest of the
year.
It was briefed about proposed deals under which the shipyard could
cover its debts towards suppliers and co-operative parties.
The members of the Supervisory Board are the chairman, Giancarlo
Zacchelo, and Marija Kolaric from the Croatian Bank for
Reconstruction and Development (HBOR), and Davorin Kajic, an
assistant to the Croatian Navy's chief-of-staff. According to a
decision of the shipyard's shareholders' assembly, convened in
June, the number of Supervisory Board members was cut from five to
three.
Creditor banks and owners of the shipyards have recently agreed on
the financial consolidation of the Viktor Lenac.
Under the agreement, creditors will transform their claims into
owners' stocks. Investors should secure an additional 28.7 million
euros, and of this sum, the government should ensure 2.5 million as
government collateral. The government has proposed that a managing
board with several members should be set up.
The Supervisory Board, however, did not discuss the establishment
of such a management at its session on Monday.
The decision on the matter should be made by the shareholders'
assembly, and until amendments are made to the shipyard's statute,
Damir Vrhovnik will remain to be its director.
(hina) ms